MPC(24)20.01 Finance Report

Agendas & PapersFull Council Uploaded on February 20, 2024


Management Accounts – Financial and Budget Report – 1st April 2023 to 31st January 2024

This report should be read in conjunction with the following reports

a. Payment Transactions – 01/04/2023 to 31/01/2024

b. Receipt Transactions – 01/04/2023 to 31/01/2024

c. Bank Reconciliation Report

d. EMR Summary Report

e. Precept/General Reserve Summary Report

f. Reserves Balance

g. Balance Sheet


Income as at 31st January 2024 for this financial year totalled £180,170.58, which includes the full Precept (£117,261) and CIL receipts of £8,090.96. The remaining income is a mix of rent, grants and donations, fete income and Pavilion income (£8,718.19). Expenditure as at the 31st January 2024 totalled £155,814.93. Of this £37,367.45 has been paid out of Earmarked Reserves. The two summary reports (d and e) give a detailed breakdown of the receipts and payments against the agreed budget.

In terms of cash resources as at 31st January 2024, cash in the Council’s bank accounts totalled £264,774.47 made up as follows:

  • Lloyds Instant Savings Account £ 146,869.64
  • Suffolk Building Society Deposit Account   £ 104,836.13
  • Suffolk Building Society Rent Deposit Account £     5,271.32
  • Lloyds Bank Treasurer’s Account    £     7,797.38

After adding VAT owed to us of £975.90 the total liquid assets amounted to £265,750.37. Of that sum, £157,178.27 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:

CIL reserves                                                                                                  £95,846.65

Melton Rd crossings project CIL EMR                                       £7,755*

Landscaping & parking improvements CIL EMR               £3,717.03

Pavilion project CIL EMR                                                                   £210.54

Bins CIL EMR                                                                                              £1,037.09

Divested land sinking fund CIL EMR                                          £13,800.17

Signage CIL EMR                                                                                     £1,130

Hall Farm Road/SWT Events EMR                                              £565 (grants received from Deben Community Partnership and Cllr Smith-Lyte)

Fete EMR                                                                                                       £950.03

Budget Risk EMR                                                                                     £10,000

Bequest EMR                                                                                               £741.64

Pavilion Kit Out EMR                                                                              £5.30

1st Floor Rent Deposit EMR                                               £5,271.32

20s Plenty EMR                                                                   £20

Dock Lane Planter EMR                                                     £29.85

Pump Track EMR                                                                £550

Yarmouth Road Signage                                                    £548.65

Beresford Drive Play Area EMR                                        £5,000

* This EMR technically has an additional £16k due to the year-end accrual made in 2022/23 for the Melton Road crossings. This adjustment will be reflected at year end 2023/24.

Budget and General Reserve Position

The adjusted General Reserve position (taking into account £17,140 of accruals) as at 31st January 2024 was £91,432.10, a reduction from £97,005.95, as at 31st December 2023.

The budget is currently on track and the budget deficit has been reduced meaning the year-end position will be similar to the previous financial year of £57k, after transferring £5k to the Budget Risk EMR.

Significant differences include:

  • Interest from the bank and building society accounts is nearly £3k higher than budgeted.
  • Pavilion income is £2.7k higher than budgeted. However, the Wednesday-Friday evening hirer has just given notice which will see a drop in future income if new hirers cannot be found. Some savings will be made on the running costs although there could be further costs associated with the foul sewer.
  • Savings will be made on a number of budget lines, totalling around £5k.
  • Pavilion electricity – this will be slightly over budget but is due to an initial upfront payment of £250. The contract is due for renewal in April and figures quoted so far suggest the rates will be lower than the current contract.
  • Pavilion Water – this will be slightly over budget due to a large initial payment.

The woodland and tree safety inspection budget lines have not yet been spent but it is anticipated they will be used before year end.


  • That members NOTE AND COMMENT on this report.

Pip Alder

Clerk, Melton Parish Council

February 2024